PRTA inventory climbs as Bofa upgrades after rivals’ Alzheimer’s knowledge (NASDAQ:PRTA)

Prothena Company plc (NASDAQ:PRTA) added ~80% to achieve a 10-month excessive within the morning hours Wednesday after Financial institution of America upgraded the Eire-based biotech citing late-stage knowledge posted by Biogen (BIIB) and Eisai (OTCPK:ESALF) (OTCPK:ESALY) for his or her Alzheimer’s remedy lecanemab.

The trial involving almost 1,000 topics reached the first endpoint for the anti-amyloid antibody, exhibiting a 27% placebo-adjusted discount within the cognitive and useful decline of sufferers within the early stage of Alzheimer’s, Biogen (BIIB) and Eisai (OTCPK:ESALF) mentioned Tuesday.

“In our view, whereas there’s nonetheless debate concerning the meaningfulness of the info and addressable market, this can be a massive milestone within the therapy of AD and reads by constructive to” PRTA, BofA analysts wrote elevating their advice on the inventory to Purchase from Impartial.

PRTA is creating its lead candidate PRX012 for Alzheimer’s illness. The subcutaneously administered amyloid focusing on antibody is present process a Section 1 single ascending dose (SAD) research with topline knowledge anticipated subsequent 12 months.

“Whereas PRTA might not be the primary to market with its Aβ focusing on therapies, we expect it has the potential for best-in-class profile,” the BofA crew added, noting that there’s room for a number of therapies given the massive addressable market in Alzheimer’s.

The analysts increase their worth goal on the inventory to $65 from $45 as they await extra competitor knowledge for rival Alzheimer’s therapies from Roche (OTCQX:RHHBY) (OTCQX:RHHBF) and Eli Lilly (LLY) for his or her experimental therapies gantenerumab and donanemab by the year-end and in 1H 2023, respectively.

PRTA leads gainers within the Alzheimer’s house Wednesday within the wake of lecanemab knowledge.